Exhibit 10.1


 


FIRST AMENDMENT TO EMPLOYMENT AGREEMENT


 


THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
(the “First Amendment”) is made and entered into to be effective as of the 21st
day of April, 2004 between HOLLYWOOD CASINO SHREVEPORT, a Louisiana general partnership
(the “Employer”), and TONYA TARRANT (the “Employee”) with reference to the
foregoing.


 


RECITALS


 


A.            Employer and Employee entered into
that certain Employment Agreement dated as of July 1, 2002 (the “Existing Employment Agreement”); and


 


B.            Employer and Employee now desire to
amend the Existing Employment Agreement as provided below.


 


AGREEMENTS


 


NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:


 


1.             Paragraph 6 of the Existing Employment Agreement is
hereby amended in its entirety to read as follows:


 


“6.  Term.  The term of this Agreement (the “Term”)
shall commence on the Effective Date and, unless sooner terminated as provided
herein, expire on July 1, 2005.”


 


2.             Paragraph 7(d) of the Existing Employment Agreement is
hereby intentionally deleted in its entirety.


 


3.             The following new paragraph is hereby added to Paragraph
7 of the Existing Employment Agreement:


 


“In the event Employer terminates Employee’s employment without Cause
(either before or after expiration of the Term), and subject to Employee
executing a mutual release in a form reasonably acceptable to Employer and
Employee, Employee shall be entitled to receive the following in lieu of any
other severance:


 


(i)            Employee shall
receive a cash payment equal to Employee’s monthly base salary at the rate in
effect on the effective date of termination multiplied by the greater of (A)
the number of months remaining in the initial Term or (B) six (6) months (the
“Severance Period”).


 


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(ii)           Employee shall
continue to receive the health benefits coverage in effect on the effective
date of termination (or as the same may be changed from time to time for peer
executives) for Employee and, if any, Employee’s spouse and dependents for the
Severance Period.  At the option of
Employer, Employer may elect to pay Employee cash in lieu of such coverage in
an amount equal to Employee’s after-tax cost of obtaining generally comparable
coverage for such period.”


 


4.             The following new sentence is added to Paragraph 8(b) of
the Existing Employment Agreement:


 


“In addition to the foregoing, Employee shall receive an additional
bonus in the amount of $30,000 payable on the 60th day following the
consummation of an agreement with the existing bondholders of Employer (whether
pursuant to a bankruptcy proceeding or otherwise) that extinguishes or
restructures the indebtedness of Employer to such bondholders (to the extent,
but only to the extent, that Employee remains an employee of Employer at the
time such additional bonus becomes due and payable).”


 


5.             Paragraph 17 of the Existing Employment Agreement is
hereby amended in its entirety to read as follows:


 


“17.         NOTICES.  Any and all notices required under this
Agreement shall be in writing and shall either be hand-delivered; mailed by
certified mail, return receipt requested; or sent via telecopier addressed to:


 


	
   

  	
  TO EMPLOYER:

  	
   

  	
  Hollywood
  Casino Shreveport

  
	
   

  	
   

  	
   

  	
  451 Clyde
  Fant Parkway

  
	
   

  	
   

  	
   

  	
  Shreveport,
  Louisiana 71101

  
	
   

  	
   

  	
   

  	
  Attention:
  General Manager

  



 


	
   

  	
  TO EMPLOYEE:

  	
   

  	
  Tonya
  Tarrant

  
	
   

  	
   

  	
   

  	
  3990 Airline
  Drive #10

  
	
   

  	
   

  	
   

  	
  Bossier
  City, Louisiana 71111

  



 


All notices hand-delivered shall be deemed delivered as of the date
actually delivered.  All notices mailed
shall be deemed delivered as of the next business day following the date of the
confirmation of delivery.  Any changes
in any of the addresses listed herein shall be made by notice as provided in
this Paragraph 17.”


 


6.             This First Amendment may be executed in multiple
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.


 


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7.             If any provision of this First Amendment or the
application hereof to any person or circumstances shall to any extent be held
void, unenforceable or invalid, then the remainder of this First Amendment or
the application of such provision to persons or circumstances other than those
as to which it is held void, unenforceable or invalid shall not be affected
thereby, and each provision of this First Amendment shall be valid and enforced
to the fullest extent permitted by law.


 


8.             Except as amended hereby, the Existing Employment
Agreement shall continue in full force and effect without any further action by
the parties thereto.  On or after the
effective date of this First Amendment, references to the “Agreement” in the
Existing Employment Agreement, as amended hereby, shall be deemed to mean, for
purposes of determining the rights, remedies, obligations and liabilities of
the parties thereto and all other purposes, the Existing Employment Agreement,
as amended by this First Amendment.


 


IN WITNESS WHEREOF, the parties to this First
Amendment have executed such First Amendment effective as of the date first set
forth above.


 


 


	
   

  	
  /s/ Tonya Tarrant

  
	
   

  	
    TONYA TARRANT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HOLLYWOOD CASINO SHREVEPORT

  
	
   

  	
   

  	
   

  
	
   

  	
  By:   HCS
  I, Inc., a Louisiana corporation, its managing

           general partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:    

  	
    /s/  Melvyn
  Thomas

  
	
   

  	
   

  	
  Name:

  	
  Melvyn
  Thomas

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President and General Manager

  
						



 


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